NURSING HOME CHARGES ON THE RISE

A recently released study reveals that costs for nursing homes and assisted living facilities have increased for a fifth consecutive year. The survey by Genworth Financial Inc., comes as baby boomers are approaching retirement and worry that they haven’t saved enough to cover day-to-day expenses as well as long-term medical care costs.

The study found that the average annual cost for a private room in a nursing home rose to $76,460, or $209 per day, this year, a 17 percent increase over the $65,185 cost in 2004. Nursing home costs this year ranged from $515 per day in Alaska to $125 per day in Louisiana. An elderly person typically spends 2-1/2 years in a nursing home, or more than $190,000 on average at today’s costs.

The cost for assisted living facilities, meanwhile, averaged $36,090 nationally, up 25 percent from $28,763 in 2004. Costs ranged from $4,921 per month in New Jersey to $1,981 per month in Arkansas.

Scary news indeed!

Dan Frith

Dan Frith

Dan Frith has over 25 years of experience representing individuals and families in cases of medical malpractice throughout Virginia. He has been named "Best Medical Malpractice Attorney" by Roanoker Magazine and is a member of the Million Dollar Advocates Forum. To speak with Dan, contact him by email at dfrith@frithlawfirm.com.